OWNERSHIP Meaning and
Definition
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Ownership is the legal right and control a person or entity has over an asset or property. It is the state or condition of being the sole or rightful owner of something. When a person or entity owns something, they possess the exclusive rights to use, possess, sell, or transfer it as they see fit. Ownership denotes the highest degree of control and authority over something.
In legal terms, ownership is the foundation of property rights. It provides individuals or entities with the ability to control and manage their possessions, and to benefit from the value or profits generated by those possessions. Ownership also encompasses the responsibility and liability associated with the asset or property, making the owner accountable for its use and any consequences arising from it.
Ownership can be acquired through various means, such as purchase, inheritance, or creation. It typically involves the documentation of title or deed, which serves as evidence of ownership. However, ownership is not limited to tangible assets, but can also extend to intangible assets like intellectual property or digital assets.
The concept of ownership is deeply ingrained in legal systems around the world, as it forms the basis for economic and social relationships. It provides individuals and entities with the security and protection necessary to invest, develop, and use assets, contributing to economic growth and stability.
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Proprietorship; rightful or just claim or title. Note.-"To own a thing is to claim it as possessed by one's self; to owe money is an elliptical expression for having it to pay to another, or possessing it for another. A Yorkshire man says, Who owes this? meaning, who is the possessor of this? to whom does this belong?"-Wedgewood.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for OWNERSHIP *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for OWNERSHIP
Etymology of OWNERSHIP
The word "ownership" is derived from the combination of two elements: "own" and "ship".
The word "own" comes from the Old English word "āgen" which meant "possessing; one's own". This word shares a common Germanic origin with related words in other Germanic languages, such as German "eigen" and Dutch "eigen". The Old English word "āgen" is derived from the Proto-Germanic word "*aiganaz", which meant "possessed".
The term "-ship" is a suffix that forms abstract nouns indicating a state, condition, or quality. It is derived from the Old English "-scipe", which had a similar function. This suffix can also be traced back to the same Proto-Germanic source, specifically the word "*-skapaz" which meant "condition or state".
Idioms with the word OWNERSHIP
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take ownership (of)
The idiom "take ownership (of)" means to accept responsibility or accountability for something, usually referring to a task, project, problem, or situation. It implies actively assuming control, taking initiative, and willingly becoming personally invested in the outcome.
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